The United States Securities and Exchange Commission (SEC) has delayed its decision on the Franklin XRP ETF and Franklin Solana ETF. The securities regulatory agency requested the members of the public to comment on the proposed rule changes to list both spot ETFs in the coming four weeks.
According to James Seyffart, a Bloomberg’s ETF analyst, the delay by the U.S. SEC on spot Solana and XRP ETFs on Tuesday was not a surprise. Furthermore, the agency has been postponing other altcoins spot ETF applications in the recent past.
However, as Coinpedia reported, the U.S. SEC has actively engaged the fund managers seeking to offer spot Solana ETFs in the past two weeks. Consequently, the odds of spot Solana ETF approval before the end of the year have significantly risen.
“I wouldn’t be completely shocked if we see approvals for Solana ETFs in the next month or so. But I also wouldn’t be surprised if we have to wait until the final deadline in October. Timeline is unknown,” Seyffart noted.
The continued delay on the final decision for the altcoins spot ETFs will further delay the highly anticipated 2025 altseason. Moreover, the traditional crypto cash rotation from Bitcoin to the altcoins was disrupted by the approval of spot Bitcoin and Ethereum ETFs in the United States last year.
However, the U.S. SEC will eventually approve the spot Solana and XRP ETFs, especially after Canada approved its first spot SOL ETF. Additionally, the demand for Solana by institutional investors has significantly increased in the past year, led by SOL Strategies.
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